2022 (10) TMI 266

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....nsolvency & Bankruptcy Code, 2016 (I&B Code) against Vjaydeep Developers LLP, Corporate Debtor, for initiating Corporate Insolvency Resolution Process (CIRP). 2. The Application is filed by Ms. Manish Manshukhlal Shah, Designated Partner of Financial Creditor vide its Board Resolution dated 04.05.2021, claiming total default amount as under: Principal Outstanding Rs.3,00,00,000/- Interest Rs.3,86,98,545/- Total Rs.6,86,98,545/- 3. The date of Default is 31.12.2018. Petition is filed on 25.08.2021. 4. The case of the Financial Creditor is as under: a) The Financial Creditor submits that the Financial Creditor entered into an agreement of sale dated 09.11.2017, with the Corporate Debtor for Development/Purc....

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.... its Affidavit of Reply and submits as under: a) The Corporate Debtor was greatly affected by the global slow economic down prior to Covid-19 pandemic. The Corporate Debtor was unable to raise finance to complete the work of construction of project. b) The Corporate Debtor agreed that the Financial Creditor has paid Rs.3,00,00,000/- (Rupees three crores only) as against the allotment of the property to the Corporate Debtor. The Corporate Debtor under the amount given by the Financial Creditor was converted into a loan vide letter dated 31.03.2019, however, due to financial crises and due to pandemic of Covid-19, the Corporate Debtor is not able to repay and seek time of six months for re-payment of the same. c) Th....

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.... payment of debt amount. Therefore, we do not have any objection on record against the application filed for initiation of CIRP against the Corporate Debtor. 12. The application is complete and has been filed under the proper form and well within limitation. The debt amount is more than Rupees One Crore and default of the Corporate Debtor has been established and the application deserves to be admitted. 13. The Applicant has proposed the name of Mr. Vishnu Kant Kabra, a registered insolvency resolution professional having Registration Number [IBBI/IPA-001/IP-P02178/2021-2022/13747] as Interim Resolution Professional, to carry out the functions as mentioned under I&B Code and has also given his declaration that no disciplinary proceedi....

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....at the provisions of sub-section (1) of Section 14 of I&B Code shall not apply to a. such transactions as may be notified by the Central Government in consultation with any financial sector regulator; b. a surety in a contract of guarantee to a Corporate Debtor. IV. That the order of moratorium shall have effect from the date of this order till the completion of the corporate insolvency resolution process or until this Bench approves the resolution plan under subsection (1) of section 31 of I&B Code or passes an order for the liquidation of the corporate debtor under section 33 of I&B Code, as the case may be. V. That the public announcement of the corporate insolvency resolution process shall be made immediately as ....